The Law Debenture Corporation p.l.c. Interim Management Statement for the nine months ended 30 September 2012 (including subsidiaries) Company history From its origins in 1889, Law Debenture has diversified to become a group with a unique range of activities in the financial services sector. The group divides into two distinct complementary areas of business. Firstly, we are a global investment trust, listed on the London Stock Exchange. Our portfolio of investments is managed by Henderson Global Investors Limited under a contract terminable by either side on 6 months' notice. Secondly, we are a leading provider of independent fiduciary services. Our activities are corporate trusts, treasury management and structured finance administration, pension trusts, corporate services (including agent for service of process) board effectiveness and whistle blowing services. We have offices in London, Sunderland, New York, Delaware, Hong Kong and the Channel Islands. Fund objective Our objective is to achieve long term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the FTSE All-Share Index through investing in a portfolio diversified both geographically and by industry. Company Information The interim dividend for 2012 of 4.5p was paid on 13 September 2012. There are no other material events or transactions to report. Trust information Sector Global Growth Benchmark FTSE All-Share index Trust type Conventional (Ords) Launch date December 1889 Financial year end 31 December Dividend payment April, September Last ex div date 08 August 2012 Management fee (based on NAV) 0.30% Performance fee No Total expense ratio (TER) 0.49% Trust statistics at 30 September 2012 Gross total assets £472m NAV per ordinary share (cum income) 367.8p NAV per ordinary share (ex income) 361.5p Share price (code LWDB) 398.4p Premium/(discount) (cum income) 8.3% Group gearing - AIC (net) 106% Group gearing - excluding 100% fixed interest (net) Yield 3.5% Performance to 30 Sept 2012 9mths 1yr 3yrs 5yrs 10yrs Share price (total 23.7% 20.3% 61.8% 34.0% 211.3% return) Net asset value (total 14.8% 22.7% 47.5% 31.0% 226.0% return) FTSE All-Share (total 8.2% 17.2% 26.1% 8.7% 135.7% return) Geographic breakdown at 30 September 2012 UK 68.3% North America 7.7% UK Gilts 7.5% Europe 6.9% Other Pacific 6.9% Japan 2.7% OEICs included above: Henderson Asia 2.4% Pacific Capital Growth Henderson Japan 2.4% Capital Growth Baillie Gifford 2.1% Pacific First State Asia 2.0% Pacific Sectoral breakdown at 30 September 2012 Industrials 22.5% Financials 11.4% Consumer Goods 11.1% Oil & Gas 10.2% Pooled Equity 10.2% Investments Health Care 7.9% UK Gilts 7.5% Consumer Services 6.3% Utilities 4.4% Basic Materials 3.9% Technology 2.6% Telecommunications 2.0% The UK Gilts holdings are all less than 5 years to maturity. Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2012 as a percentage of the portfolio Senior 3.5% BP 2.5% Royal Dutch Shell 2.4% GlaxoSmithKline 2.3% GKN 2.1% Amlin 1.9% Smith (DS) 1.8% HSBC 1.6% Interserve 1.5% Hill & Smith 1.5% Contacts Caroline Banszky Tim Fullwood Managing Director Chief Financial Officer Email: Email: firstname.lastname@example.org email@example.com Tel: +44 (0)207 606 5451 END -0- Nov/05/2012 10:17 GMT
LAW DEBENTURE CORP PLC: Interim Management Statement
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